US and China slap big tariffs against each other, escalating trade fight
SHANGHAI - The United States and China on Friday slapped hefty tariffs on tens of billions of dollars of each other's exports, firing the biggest shots yet in an intensifying trade fight between the world's two largest and intertwined economies.
There was no eleventh-hour reprieve as President Donald Trump followed through on his threat to apply 25 percent levies on $34 billion of Chinese products, mostly machinery and industrial parts.
Minutes after midnight Eastern time when the tariffs took effect, Beijing accused the United States of "launching the largest trade war in economic history," and said it had no choice but to apply the same tariff percentage on $34 billion of American goods, mostly farm products
You’re reading a preview, subscribe to read more.
Start your free 30 days